StockNews.com Downgrades Fortress Biotech (NASDAQ:FBIO) to Sell

Fortress Biotech (NASDAQ:FBIO) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.

Separately, HC Wainwright reiterated a “buy” rating and issued a $24.00 price target on shares of Fortress Biotech in a report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Fortress Biotech presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.00.

Fortress Biotech Price Performance

Fortress Biotech stock opened at $1.43 on Friday. The stock’s 50 day moving average price is $1.71 and its 200 day moving average price is $1.83. The company has a market cap of $32.62 million, a PE ratio of -0.44 and a beta of 1.75. Fortress Biotech has a 1-year low of $1.30 and a 1-year high of $4.43.

Insider Buying and Selling

In other Fortress Biotech news, CEO Lindsay A. Md Rosenwald bought 763,359 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was purchased at an average cost of $1.84 per share, for a total transaction of $1,404,580.56. Following the acquisition, the chief executive officer now owns 3,657,264 shares of the company’s stock, valued at $6,729,365.76. The trade was a 26.38 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 33.40% of the stock is currently owned by insiders.

Institutional Trading of Fortress Biotech

Several large investors have recently modified their holdings of the business. Acadian Asset Management LLC lifted its stake in Fortress Biotech by 124.3% in the 1st quarter. Acadian Asset Management LLC now owns 292,058 shares of the biopharmaceutical company’s stock valued at $582,000 after buying an additional 161,870 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Fortress Biotech in the first quarter valued at $31,000. PVG Asset Management Corp acquired a new stake in shares of Fortress Biotech during the second quarter valued at $266,000. Shikiar Asset Management Inc. increased its position in Fortress Biotech by 4.4% during the 3rd quarter. Shikiar Asset Management Inc. now owns 235,969 shares of the biopharmaceutical company’s stock worth $342,000 after purchasing an additional 10,000 shares in the last quarter. Finally, 180 Wealth Advisors LLC acquired a new position in Fortress Biotech in the 2nd quarter valued at about $107,000. 96.51% of the stock is currently owned by institutional investors and hedge funds.

Fortress Biotech Company Profile

Fortress Biotech, Inc, a biopharmaceutical company, develops dermatology, pharmaceutical, and biotechnology products in the United States. The company markets dermatology products, such as Qbrexza a medicated cloth towelette for the treatment of primary axillary hyperhidrosis; Accutane capsules for severe recalcitrant nodular acne; Amzeeq for severe acne vulgaris; Zilxi, a topical foam; Exelderm cream and solution for topical use; Targadox an oral doxycycline drug for adjunctive therapy for severe acne; Luxamend; sulconazole nitrate cream and solution for tinea cruris and tinea corporis; and doxycycline hyclate tablet.